When the NEX-VG10 appeared a year ago, there was a lot of interest in it because it almost seemed like Sony's answer to the DSLR video resolution. But it had a lot of limitations; 30p video (stored as a 60i file), no ND filters, limited controls, a slow, awkward lens, no manual audio controls...
When I managed to spend a few minutes playing with one, I really didn't like the lens; it wasn't a zoom lens by any means, but a variable focal length lens that was rather sticky.
And then a few months later, Sony started to roll out their professional grade cameras; the PMW-F3, followed by the NEX-FS100.
An important note; the PMW-F3 and NEX-FS100 share the same "Super 35mm" sensor (though not the same image processor) while the NEX-VG10 and VG20 use sensors that come from the DSLR/photography division. The NEX-VG20 sensor is an APS-C sized chip (23.4 X 15.6mm), while the Super35mm sensor is 23.6mm x 13.8mm. This may result in a slightly different apparent focal length, but all four cameras should have very similar depth-of-field and field of view.
Oddly, one year on and with a few improvements, the VG20 looks more attractive to me now than the VG10 did. Partly it's because of the support for 24p, the manual audio control, and the improved manual controls. You can even buy it without the kit lens if you don't want that.
But it may also be that the lack of ND filters, and the questionable lens choices, seem less of a problem given that the exact same problem exits for the twice as expensive NEX-FS100! I'm not sure what that says about either camera, or how my impressions can be manipulated!
And while I realize that the VG-20 may not rival the NEX-FS100 for image quality, options, controls and XLR inputs, when you're on a DSLR budget, the price difference becomes a huge decision driver.
B&H: Sony NEX-VG20 Interchangeable Lens HD Handycam Camcorder (Body Only)